Ugly open for Europe
STOXX 600 down 1.1%
Tech lags
ASML falls 5%
Wall St futures lower
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UGLY OPEN FOR EUROPE
Major European equity indexes are all falling on Wednesday, led by a sell-off in technology names as investors fretted about the growth outlook.
Chipmaker ASML ASML.AS led decliners in Europe, dropping over 5%, after UBS downgraded the company and as apex AI play Nvidia NVDA.O dropped almost 10% in the U.S. on Tuesday, shedding $279 billion in market value, roughly equal to the entire market value of the UK's largest company, AstraZeneca AZN.L.
Worries about a U.S. recession resurfaced on Tuesday, after weak manufacturing data, which helped drive equities lower across the globe.
The STOXX 600 .STOXX is down 1.1%, adding to Tuesday's 1% fall, with the tech sector .SX8P lagging, down 2.5%.
Defensive sectors such as telecoms .SXKP, food and beverages .SX3P and utilities .SX6P are relative outperformers.
Frankfurt .GDAXI, Paris .FCHI and London .FTSE stocks are all falling about 0.8%.
The Euro STOXX volatility index .V2TX, Europe's version of the VIX .VIX, reached as high as 20.6, the most since August 9.
Here's your opening snapshot:
(Samuel Indyk)
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